Don’t let all the negatively and bad news in the market get you down. Buying opportunities exist. As long as you are careful in your research and due diligence, you thoroughly put your numbers together and make solid (low) offers you will be rewarded.
Low Prices, Low Rates Mean Opportunity
Housing prices have fallen dramatically all over the country and rates on 30-year fixed-rate mortgages are already close to 5.5 percent. Experts say it’s possible, with government encouragement, that rates will fall as low as 4.5 percent.
Now is the time for buyers to step up. Here are some things to consider:
-Prices have always softened in the winter. As temperatures fall, bargain hunters will have bigger then usual opportunities.
-New homes are likely to become scarce. Ian Shepherdson, chief United States economist for the research firm High Frequency
-Economics, said he believes that a steep drop-off in inventory of new homes is coming soon, due to a rapid decrease in home builder activity.
-Location, location, location. Buying the best-priced house in a really good neighborhood is still smart.
-Will values go up? You may have to live in a house [or rent it] for 10 years, but over time, buyers will almost certainly make money.
Source: The New York Times, Ron Lieber (12/05/08)
Posted by Carter Brown
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